Russian wheat exports up 39% on year so far to 24.5 million mt: Ministry

Date: Tuesday, February 20, 2018
Source: Hellenic Shipping News

Russian wheat exports from July 1 to February 14 of the 2017-18 marketing year (July-June) rose to 25.428 million mt, up 39.3% on the year, data from the ministry of agriculture showed.

Wheat line-ups each month remain fully booked, sources said. The export pace picked up further in the latest week as ports continue to clear a backlog created by bad weather in January.

Around 200,000 mt of wheat is expected to be handled in March, delayed from February, at Novorossiisk, according to a source.

Nonetheless, with more books needing to be covered on the nearby, the export pace for nearby positions is likely to keep up, sources said.

Prices for 12.5% protein wheat on an FOB basis soared to a 33-month high of $204/mt Thursday and held steady Friday, on tightening prompt supply and rising replacement costs.

Russian exporters have also shipped 2.933 million mt of corn in the current marketing year, down 3.2% on the year on delayed loadings and forecasts of a smaller crop.

Barley exports totaled 3.934 million mt, up 90%, supported by higher demand from Turkey as authorities removed import duties.

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